Do You Really Want All The
The very best kind of listings are a "SOLD" listings!
Signing an agreement to market a property should not be taken lightly. With this contract, Agents are obliged to market the property vigorously in order to get the sale.
Make no mistake, marketing real estate costs money. While you spend your money marketing the properties you have for sale, there is no guarantee that they will sell. You are still faced with the marketing bills for those properties.
Dennis McMahon & Narelle Stratford from Australia detailed some excellent if not controversial information on listings and presentations that may set you back on your heels.
On the other hand, it could also improve your production. Here it is...
You Don’t Want Every Listing!!
This article is not going to be well-received by traditional Agents, or for that matter, by a lot of Principals.
We know that because the article proposes that you reject listings and potential Clients if they don’t suit your client profile, which goes against most advice given to Agents nowadays. So feel free to send us your thoughts once you’ve read it – but only after you’ve read it, OK?
One of the most common mistakes made by Agents the world over is to think that you need every listing that’s out there – no matter what! That is no matter what you have to say, do or put up with to get that listing and to keep it – because you must have those listings. The thinking is that "if I have 10 / 15 / 25 listings, I must be doing well." Even though the $$$ comes from actually closing deals.
At the same time, I’m sure you can recall your "war stories" of your "Vendors from hell" who want ridiculous prices, are always on the phone demanding that you "do more", or threatening to break the listing agreement.
The same Vendors who you have to spend more time with because you need to have quite a few price reduction meetings (or price adjustment, as I hear they’re now called – although I haven’t heard of one where the price was going to be adjusted upwards).
I just want you to imagine an ideal world for a moment – one where all of your Vendors:Call you in (unopposed)
Sign the real estate listings' agreement at the Listing Appointment
Are completely motivated to sell (i.e. have a good reason and a reasonable timeframe)
Listen to your advice and list at a reasonable price
Pay for your recommended Advertising / Marketing Programme
Receive your pre-agreed communications and feedback by email
Listen to you when you report on Buyer/Market feedback about their property
Refer 2 people a year who also list with you
Reduce price where necessary, because they have been forewarned by your Service Programme where this will occur, if the market dictates such is the best course of action
Now combine these ideal Client traits with your Pre-Listing, Listing Presentation, On-Market and After Sales Client Nurturing Systems and you’ve got a pretty good business going.
Now, do you know what the major problem with listing all of those other types of Vendors are? They actually stop you from finding your ideal Clients!
While you’re spending time at yet another “price adjustment meeting”, or another “extend the listing agreement” meeting, your ideal clients are listing with somebody else.
How does that feel?
The facts are that you can’t serve everybody – so you may as well serve only those you want to do business with.
So how do we do that?
Every prospective Client deserves the best service from you. And sometimes that means not doing business with you at all, because you won't give them everything you've got if, for example, you don't believe in the price. Or you know you need a marketing budget and the Vendor won't agree to pay.
This also means that before going to the Appraisal that you are prepared – and so are they.
Your Pre-Listing System should include:
Qualifying Procedure – understand their situation as best you can on the phone - list of questions
A Pre-List Letter and Info Kit – Full of information to help them understand the process, and to save you time when you get to the Appraisal
Listing Appointment Must Haves
List of Questions / Questionnaire – you should be prepared with a set of questions that you ask every prospective Client – it’s amazing how much people will tell you if you have a questionnaire on a clipboard, and you tell them that you “need to run through some questions to find the best way to help them”. This is an interview, and it should be you who is interviewing the prospective client to see if they match up to your Ideal Client Profile.
Presentation Format - again, a timesaver for you – and a professional process for your Clients, once you know that they are a good fit for your business. Know what you’re going to say, include the answers to the most common objections like “We need to think about it”, “We’ve got other Agents to see”, "We’re not sure" . A professional presentation will enable you to control the meeting properly.
"How to Create and Deliver a Dynamic Listing Presentation™"
How to make sure you get the listing on the 1st appointment: The Listing Presentation completely systemized from beginning to end. More here.
Know what you want - Your objective is to get the listing contract signed. It is not to have to come back some other time, or to wait for them to get back to you.
Selling Yourself via Benefits - Once you have resolved price, sell yourself as the best agent for the job. Give them the benefits of your solutions! For example: ‘I’m a great negotiator’ means something to you. But what does it mean to the vendor?
Sell them the benefit as well: “Other clients (give names wherever possible) have commented on my ability to negotiate so that they were thrilled with the final price they got.” There’s your benefit to the vendor.
Throughout the presentation, listen for buying signals:
“I think I’d prefer this marketing programme.”
“I want to have plenty of notice before you bring someone through.”
“We’ll have to clean up the yard, won’t we?”
“What do we do next?”
These statements and questions are all leading your prospective client to your close. Take notice of where in the conversation these comments occur and watch that you don’t over anticipate and close too soon. But also don't wait too long!!
If the rapport is there, and it’s from half way through your presentation and towards the end, then your prospective clients may be just waiting for you to say something like a closing statement:
“How much notice would be best (2 days/ hours/whatever) before I bring any buyers through? Pause and wait for response. Great! I’ll make a note of that. So, if you’re ready to okay the Listing Agreement we can get started.”
You can say, “You’ve given me the information I need, I just need your okay in the box”.
When you have made a closing statement, keep silent and wait for him or her to say at least one of the following: yes /sure / okay, where do I sign? If they appear uncertain, ask another question such as:
“You’re confident that I can sell your home for you, aren’t you?” (Relates to “we want someone who can sell our home”).
If they say “no”, identify and manage their concerns and ask for the order again. Be persistent about your belief that you are the best person for the job. People want to select winners to sell their homes. Finally…
After signing, debrief the seller. This means that you pay attention to how the seller is feeling right now! Remember, for you this is old hat, but for the seller, it may be a huge step to take. Focus on: the excitement (“yes, it can be a bit scary, but it’s also exciting, isn’t it?”), the potential capital gain, the benefits of change and a new future, etcetera.
Of course, when you get back to the Office, follow-through with a Thank You for Listing Letter, plus a gift, plus any additional legal documents that require your attention. Plan everything and leave nothing to chance and follow-up, follow-up, follow-up to impress your new Client.
For more articles like this one, check out the Real Estate Sales Coach eBook at the website
http://www.saleschampions.com.au/ To get a Free subscription to The Sales Coach eNewsletter (plus $290 worth of Grow Your Business Reports for FREE!) head to the website.To contact Dennis and Narelle: firstname.lastname@example.org
© Dennis McMahon & Narelle Stratford Sales Champions
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